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Tuesday, September 3, 2013

Fifth World Islamic Retail Banking Conference to open in November

“An Islamic window is simply a special facility offered by conventional banks to provide services to customers who wish to have an Islamic banking service,” said a press release from the even organisers. “However, learning from competitors who have tried to adopt the Islamic window scope and failed, many banks are using their branch network to open an 'Islamic window', to reach new customers and at the same time testing the potential of the market.

“Fifth World Islamic Retail Banking Conference will feature Wasim Saifi, Chief Executive Officer at Standard Chartered Saadiq and Global Head, Islamic Consumer Banking, Standard Chartered Bank elaborating on the pitfalls and shortcomings of a Window model.

“Taking place on the 26 - 27 November 2013, at the Shangri-La Hotel, Dubai - UAE, this conference will feature the Annual Open Fatwa Session, participated by renowned global Shari’ah scholars and experts such as Sheikh Nizam Yaquby, Shaykh Haytham Tamim, Sirajulhaq Hilal Yasini, Dr. Muhammad Al-Bashir Muhammad Al-Amine and Dr. Aznan Hasan (Shariah Advisor of Bursa Malaysia).

“This dedicated session is one of the key highlights of the conference and will focus on the current challenges and identify opportunities that are explored by Shari’ah scholars such a:
Driving product convergence and reducing Shari’ah gaps in different markets especially within Middle-East & South East Asia;

Standardisation of fatwas across similar geographies;

Development of Shari’ah-based products as opposed to Shari’ah-compliant products;
Retail Banking Financing Products-without Bai al inah, Tawarruq (Commodity Murabaha) & Bai Ad Dayn- What are the options available?’

The importance of Shari’ah scholars having the business acumen, understanding trade terms and commercial practises - pre-requisite for making consistent, well analysed yet fast fatwas/rulings.

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